Reported about 2 months ago
US mortgage applications for home purchases fell by 5.2% last week, reaching their lowest level since February. Despite a decrease in mortgage rates to 6.5%, high housing prices continue to hinder demand, leading to decreased affordability in the market. This downturn comes even as refinancing applications surged the previous week. The Mortgage Bankers Association warns that with the high home prices, affordability is at its lowest in decades.
Source: YAHOO